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Family Firms And Productivity: The Role Of Institutional Quality

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  • Lidia Mannarino
  • Valeria Pupo
  • Fernanda Ricotta

    (Dipartimento di Economia, Statistica e Finanza, Università della Calabria)

Abstract

The main aim of this research is to investigate the influence the institutional environment has on the difference in performance between Italian family firms run by a family member and firms run by a professional manager. By using total factor productivity (TFP) as a measure of performance, we find that family-run firms are less productive than firms run by outside managers when institutional quality is high, but that the results are less obvious when institutional quality is low. The difference in performance is not significant, but by using the level of corruption as a measure of institutional quality, older family firms are found to be more productive than firms run by outside managers.

Suggested Citation

  • Lidia Mannarino & Valeria Pupo & Fernanda Ricotta, 2016. "Family Firms And Productivity: The Role Of Institutional Quality," Working Papers 201605, Università della Calabria, Dipartimento di Economia, Statistica e Finanza "Giovanni Anania" - DESF.
    • Handle: RePEc:clb:wpaper:201605
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    More about this item

    Keywords

    Family firms; TFP; Institutions;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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